India’s state-owned and private refiners are set to collaborate on their crude oil imports to secure better contract terms, Reuters has reported , noting that the idea comes from the government. “The companies can form joint strategies and they can even go for joint negotiations wherever possible,” India’s oil secretary Tarun Kapoor told Reuters. India is one of the most import-reliant countries in the world, sourcing more than 8 percent of the oil it consumes from foreign producers. Because of this, it has been among the hardest hit by the oil price rally, with its oil bill swelling considerably while it still battles the fallout from the pandemic. Last month, according to Reuters, India’s trade deficit surged to a high of $22.6 billion , a figure last seen at least 14 years ago. To cope with the energy shortage that has been instrumental in the latest oil price rise, […]